AIMCO Funds $275M Loan for San Francisco’s Parkmerced

Denver-based Apartment Investment and Management Company (AIMCO) has funded a $275-million loan for Parkmerced, a 3,221-unit apartment community on 152 acres in southwest San Francisco. The property is also entitled for development of an additional 4,093 units and 300,000 square feet of commercial space. Notably, the property is the second largest multifamily community west of the Mississippi River.

AIMCO also secured an option for a 30% ownership interest in the property’s controlling partnership led by Maximus Real Estate Partners, an entity led by Rob Rosania. Maximus currently owns a 6,000-unit multifamily portfolio, with more than 7,000 additional units in its development pipeline.

Developed by Metropolitan Life prior to and after World War II, existing Parkmerced units are subject to rent control, limiting annual rental rate increases to 60% of CPI for continuing occupancy. Future developed units will be delivered at current market rates.

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